Questions about Your Economic Impact Payment
The best way to check on the status of your Economic Impact Payment is by using the IRS website link
provided. You can also see answers to Frequently Asked Questions here
. This includes instructions under Question 41 about how to return a check for any reason.
A Message on our Lobbies
As of April 30th, Alabama's Stay at Home order has ended and a new Safer at Home order has been put in place until Friday, May 15th. At this present time our lobbies will remain closed, however we are still serving all our customers through our drive thru windows. Please give us a call
if you need to schedule an appointment for any service that is not accessible through our drive thru windows.
An Update on the Paycheck Protection Program
As of Thursday, May 7th all request for SBA PPP loans should be referred to our SBA PPP Page.
As of Thursday, April 16th, the $349 Billion authorized for the Paycheck protection Program has been exhausted. We are continuing to accept applications, however realize we will not be able to submit any applications to the SBA at this time. F&M Bank and state and national organizations are urging Congress to provide additional funding to continue the successful program. Please note, the submission of an application does not guarantee approval or that additional funding will become available.
A Message on the CARES Act
President Trump signed in to law the CARES Act on March 27, 2020. This unprecedented $2 trillion stimulus bill takes aim at providing relief to both business and individuals who have been significantly impacted by the COVID-19 pandemic.
One of the key provisions in this Act was the creation of an additional type of loan administered through the Small Business Administration (SBA). This loan program is being referred to as the Payroll Protection Program. Farmers & Merchants, in addition to other banks, will serve as a liaison for our small businesses and the SBA when seeking this relief.
The following are some general guidelines for seeking relief under this program:
- Businesses must have fewer than 500 employees
- Loans will not require collateral or guarantees
- In general, the amount of the loan is capped at the lesser of $10mm or 2.5 times the average monthly payroll costs the business incurred in a one-year period prior to the date of loan funding
- Loans eligible for forgiveness on sum used for payroll costs, mortgage interest payments, rent and utilities paid or incurred by the borrower for the 8-week period following loan funding
Details of implementation of this loan program is expected from the SBA in the coming days. In the meantime, we recommend contacting your Farmers & Merchants Bank Loan Officer for additional information regarding your options during the COVID-19 pandemic.
A Message on COVID-19
It has been an unprecedented couple of weeks for not only the banking industry, but many of our customers and employees. At Farmers & Merchants Bank we continue to be committed to the safety and health of our customers, our employees, and the well being of the community. As with many of our peers, we began proceeding with steps in our Pandemic Contingency Plan in the previous weeks. We refer to guidance from our our government health officials, local and state, as well as from the Centers for Disease Control and Prevention (CDC). Application of the the Bank's contingency plan safeguards that proper risk management and adequate resources have been provided to continue to ensure the safety and well being of our customers and our employees during this time.
Enactment of this Plan also provides that all critical business applications will be continued at all times. We are committed to providing you the superior customer service and support you have come to expect from us.
The Bank announced on March 19th it would be closing its lobbies and continue full service banking through our drive thru windows. Any essential business, such as accessing a safe deposit box, opening of accounts, and loan transactions, can be achieved by calling your branch
and setting an appointment time.
While each of our drive-thru windows remain open, we strongly encourage you to utilize our digital banking tools. Mobile Banking and Online Banking provide you the ability to check your account balances, transfer balances between accounts, make mobile deposits and make bill payments. These services can be accessed through the Online Banking
and Mobile Banking
pages on our website, In addition, all F&M ATM's are available for your balance and cash withdrawal needs.
The objective of our response is to ensure that F&M has adequately mitigated the risks that the COVID-19 virus poses. As we all are aware, the are multiple unknowns that warrant continued caution. We continue to actively monitor this situation, and will continue to update and notify you of any additional changes in the Bank's operations. Please continue to check this page and the Bank's social media for updates.
We want to thank each and everyone of you for trusting Farmers & Merchants Bank to handle your banking needs.